yep... that much debt and spruiking the payments that they have made back to shareholders from cash reserves (tax deferred components) - they have only just really started to actually generate any income.
It is not unusual for power generators to have leverage up to around 60% of assets... particularly with the current trend of PPA's for the vast majority of the electricity generated... but geez I wish it was closer to 30%.
600m debt, 448m market cap
I have an interest in this stock, but the way that it presents itself currently is too focused on attracting yield investors and selling the green aspects of it. I don't know, I am too young to have ever seen a door to door vacuum cleaner salesman... but that is how I feel this business is pitching and it doesn't seem to sit well with me.
More time on the sidelines
Ann: Update Presentation to Independent Financial Advisers, page-4
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